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Fernand St Germain | |
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| Member of theU.S. House of Representatives fromRhode Island's1st district | |
| In office January 3, 1961 – January 3, 1989 | |
| Preceded by | Aime Forand |
| Succeeded by | Ronald Machtley |
| Member of theRhode Island House of Representatives | |
| In office 1952–1961 | |
| Personal details | |
| Born | (1928-01-09)January 9, 1928 |
| Died | August 16, 2014(2014-08-16) (aged 86) |
| Party | Democratic Party |
| Alma mater | Providence College Boston University Law School |
| Occupation | Attorney |
| Military service | |
| Allegiance |  United States |
| Branch/service |  United States Army |
| Years of service | 1949 – 1952 |
Germain discusses H.R.4917, the Depository Institution Examination Improvement Act of 1986 Recorded September 29, 1986 | |
Fernand Joseph St Germain (January 9, 1928 – August 16, 2014) was an American politician fromRhode Island. He was a member of theDemocratic Party and served in theRhode Island House of Representatives and theUnited StatesHouse of Representatives. He is best known for his sponsorship of theGarn–St. Germain Depository Institutions Act, which deregulated thesavings and loan association industry.
Born inBlackstone, Massachusetts, he was raised and attended parochial schools inWoonsocket, Rhode Island. He graduated from Our Lady of Providence Seminary High School, 1945, and fromProvidence College in 1948. He served in theUnited States Army as a pharmacy and laboratory technician from 1949 to 1952. St Germain did not spell his name with a period saying that he was no saint.[1]
In 1952, at the age of 24, St Germain won a seat in theRhode Island House of Representatives. Three years later, he graduated fromBoston University School of Law and was admitted to the bar.[1]
In 1960, he was elected to Congress, where he would serve 14 terms. He later joined theUnited States House Committee on Financial Services, becoming the committee chairman in 1981. In 1982, he andUnited States Senate memberJake Garn fromUtah sponsored theGarn–St. Germain Depository Institutions Act. One of the act’s primary features was its deregulation of the savings and loan industry. Although the provisions of the act were to protect thrift savings institutions from rapidly rising interest rates by allowing them to offer new deposit accounts and make additional types of loans, its loosening of regulations arguably precipitated theSavings and loan crisis.[1]
St Germain voted for theAbandoned Shipwrecks Act of 1987.[2] The Act asserts United States title to certain abandoned shipwrecks located on or embedded in submerged lands under state jurisdiction, and transfers title to the respective state, thereby empowering states to manage these cultural and historical resources more efficiently, with the goal of preventingtreasure hunters and salvagers from damaging them. PresidentRonald Reagan signed it into law on April 28, 1988.[3]
In 1985, St Germain was accused of using his office for personal benefit.The Wall Street Journal published an investigation into the Congressman’s finances. TheJournal examined his financial disclosures and found that he was able to secure no-down-payment loans of $1.3 million to acquire severalIHOP (International House of Pancakes) restaurants even though he only had a salary of $42,500 per year.[4][1]
An aide in St Germain’s office contacted federal regulators repeatedly about the application of Florida Federal Savings and Loan to convert to stock ownership. After the application was approved, St Germain made a $15,000 investment in the company’s stock. The chairman of the S&L told theJournal that he did offer St Germain access to real estate deals not available to the general public but contended that he did not request assistance with the application.[4]
Although theUnited States Department of Justice and theUnited States House Committee on Ethics both declined to pursue charges against him, the controversy factored into his1986 and1988 re-election efforts. In 1986, Republican John Holmes gave him his first tough race in many years, taking 42% of the vote. But St Germain had to spend more than twice what he had in the prior election. Holmes attacked him for taking $35,000 from a developer.[5][6]
RepublicanRonald Machtley defeated him in November 1988 in a campaign that was notable for Machtley taking a live pig named "Les Pork" on the campaign trail to emphasize his commitment to reducingpork barrel spending by Congress.[1][7]
A resident ofNewport, Rhode Island, St Germain died of kidney failure on August 16, 2014, at his home in Newport.[8][9]
| U.S. House of Representatives | ||
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| Preceded by | Member of the U.S. House of Representatives fromRhode Island's 1st congressional district 1961–1989 | Succeeded by |
| Political offices | ||
| Preceded by Henry S. Reuss Wisconsin | Chairman of theHouse Banking, Finance and Urban Affairs Committee 1981–1989 | Succeeded by Henry B. Gonzalez Texas |
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This article incorporatespublic domain material fromBiographical Directory of the United States Congress.Federal government of the United States.
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